Standard Chartered JumpStart Account Reviews and Comparison - Seedly
Seedly logo
Seedly logo
 

Standard Chartered JumpStart Account

  • Overview
  • Reviews (647)
  • Questions (0)
  • More Details

Standard Chartered JumpStart Account

Up to 1% p.a.
INTEREST RATES
None
MIN. INITIAL DEPOSIT
None
MIN. AVG DAILY BALANCE

    Standard Chartered JumpStart Account

    Up to 1% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    None
    MIN. AVG DAILY BALANCE

Details

Standard Chartered SCB JumpStart Savings Account Review

* UPDATE The popular Standard Chartered SCB JumpStart Savings Account is changing its interest rates. The exclusive and highly attractive 2.00% p.a. for young adults will be halved to 1.00% p.a. from 1 July 2020 onwards

  • JumpStart is a popular savings account scheme targetted at 18 to 26-year-old young adults.
  • As of 1 July 2020, get 1.00% p.a. for your first S$20,000. Previously, Jumpstart offered a high prevailing interest rate of 2.00% p.a.
  • Any incremental balance above S$20,000 will lower the interest rate to 0.10% p.a.
  • No minimum deposit
  • Standard Chartered JumpStart is one of the best savings accounts in Singapore especially for young adults.
  • The interest rate is one of the most competitive for savings accounts.
Read More about Standard Chartered JumpStart Account
Reviews (647)

4.9

647 Reviews

  • 5
    598
  • 4
    39
  • 3
    5
  • 2
    1
  • 1
    4

Read Review About...

Most HelpfulMost RecentLow to HighHigh to Low
  • Updated 3d ago

    Purchased

    Standard Chartered JumpStart Account

    [fuss free account opening] I just opened my account recently, applied using myinfo and i have to key in some personal details too, it took me only a short while. I received an email saying my application is sent. [interest rates lowered] a pity that i am late to open this account, it used to have 2% p.a interest credit but since july 1st 2020, it will be changed to 1%... hopefully in future they can raise it again. this amount will only be credited at the end of the month! [card processing and account opening] the account was only opened a few days later, i received an email saying the application is approved. it took about 5 days since application for me to receive my card mailed. the card was blocked initially upon received and you just need to send an SMS to activate it for online purchases. a letter with the card PIN will be sent to you within the next 7 days of receiving this card. that PIN should be for NETS debit. * update i received it 3 days later~ [mobile app] have to download mobile app for digital token, the app runs smoothly, and i can use peek balance/peek last 5 transactions at the homepage without signing in. app design is pretty sleek and easy to find menu. [1% cashback spend max $60] cashback is applicable for mastercard/paywave purchases. this cashback will be reflected in account on the first day of each month [age limit] you must be under 26 years old to open a jumpstart account. thus this is very suitable for uni students, there is no minimum balance and min. spending. super good and easy to maintain!! [after age 26] this, i have enquired and researched a lot and also see replies by SC on facebook-- the prevailing rates will remain the same even after you reached age 27. that should mean that you will continue to enjoy 1% on first 20k thereafter. So, if you are a student now i would recommend to open this account!
    0 comments
    3
  • Updated 5d ago

    Purchased

    Standard Chartered JumpStart Account

    Honestly, one of the best savings accounts ever for myself. Although the interest rate drop to 1%, the interest rate is still one of the most competitive amongst the rest. The online banking and application process is also very easy to use.
    0 comments
    0
  • Updated 5d ago

    Purchased

    Standard Chartered JumpStart Account

    By far the best savings account ever introduced in Singapore. Even though interest rate has been reduced to 1%, it is still one of the best no frill savings account!
    0 comments
    0
  • Updated 2w ago

    Purchased

    Standard Chartered JumpStart Account

    App and website are easy to navigate, good interest rate for people under 26 yo. However interest rate dropped to 1% from 2% due to covid-19, hopefully it will increase back again after the economy is back being stable.
    0 comments
    1
  • Updated 2w ago

    Purchased

    Standard Chartered JumpStart Account

    App is easy to navigate, online set up of the account was smooth, sadly with this situation the interest rate has now dropped...
    0 comments
    0
Questions (0)
Recent ActivityUnansweredTrending
No questions found.

Interest Rates for Standard Chartered JumpStart Savings Account

Account Balance

Prevailing Interest Rate

First S$20,000

1. 00% p.a. with effect from 1 July 2020
(previously 2.00% p.a.)

Any incremental balances above S$20,000

0.10% p.a.

The prevailing interest rates for JumpStart Account

How to maximise the interest rate for SCB JumpStart Savings Account?

  • The interest rate per annum for SCB JumpStart savings account is 1.00% p.a. for account balances up to S$20,000, all year round.
  • To maximise the 1.00%p.a., it would be best to keep your account balance within S$20,000

Is JumpStart the Best Savings Account for you in 2020?

UPDATE:

With the latest series of changes to savings accounts' interest rates, we believe that the benefits of savings accounts will be highly limited, Standard Chartered's JumpStart included.

We are anticipating many other savings accounts to follow suit. As such, we will hold off making verdicts until the dust has settled.

(The assessment below is based on rates prior to the 1 July 2020 rate revision)

Pros

  • There is flexibility in accessing funds anytime
  • Competitive interest rates
  • It comes with a debit card, that offers up to 1.00% p.a. cashback on eligible spend. with no monthly or annual fees.
  • Convenient and fuss-free online application process
  • Standard Chartered JumpStart is one of the best savings accounts in Singapore, especially for young adults.
  • The interest rate is one of the most competitive for savings accounts.

Cons

  • Does not incentivise spending
  • Only available for a very narrow age range of 18-26 years olds

Want to know how SCB JumpStart compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020

Terms and fees for SCB JumpStart Savings Account

  • Initial deposit: None
  • Minimum Average Daily Balance: None
  • Fall below fee: Free
  • Early closure fee: Free

Eligibility: who can apply for the JumpStart Account?

  • Citizenship status: Singaporeans and PRs with a valid SingPass
  • Age range: 18 - 26

How to apply for SCB JumpStart Account